HDFC Bank launches interoperable QR for eRupee acceptance, onboards 1.7 lakh merchants

Mumbai: HDFC Bank has introduced a UPI QR code that is interoperable with the central bank digital currency. The bank has already issued one lakh digital rupee wallets to customers and enabled 1.7 lakh merchant outlets to accept CBDC, also known as eRupee.

Being one of the first banks in the country to complete the integration process, HDFC Bank's implementation of this interoperable UPI QR code enables merchants onboarded on the bank's CBDC platform to accept payments from customers in the form of Digital Rupee currency, thereby promoting the usage of CBDC in everyday transactions.

This initiative extends from the CBDC pilot program initiated by the Reserve Bank of India (RBI) last year. The RBI issues CBDC, known as Digital Rupee, which is a tokenized digital version of the Indian Rupee. RBI deputy governor T Rabi Sankar on Tuesday said that the central bank was targeting one million eRupee transactions a day by the end of the year.

An interoperable QR code allows for QR payment acceptance and supports the scan & pay feature with various factors and payment options. Consumers can transact money from their CBDC wallets across UPI QR codes using this QR code.

"HDFC Bank has always been a pioneer in digital banking initiatives, and we are dedicated to providing our customers with a best-in-class and enhanced experience. The QR interoperability of CBDC with the already popular UPI will greatly benefit its usage," stated Parag Rao, Country Head - Payments, Consumer Finance, Technology & Digital Banking, HDFC Bank.

The application is currently available for Android 10+ users and will soon be launched on iOS. HDFC Bank currently facilitates digital rupee payments in multiple major cities, including Mumbai, Delhi, Chandigarh, Bhubaneshwar, Bengaluru, Ahmedabad, Guwahati, Gangtok, Hyderabad, Indore, Bhopal, Lucknow, Patna, Kochi, Goa, Shimla, Jaipur, Chennai, Kolkata, Ranchi, Pune, Nagpur, Varanasi, Vishakhapatnam, Pondicherry, and Vijayawada.


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